Best way to flip from Long to Short?

Redwingfan

Tham gia từ Oct 29, 2017 10bài viết

Mar 24, 2019 at 08:28

Tham gia từ Oct 29, 2017 10bài viết

Here is an example of what I am trying to do

Lets say I am long 5 micro lots (5,000) on AUD/USD from .7045 and it has gone up to .7150 I want to flip short but I do not want to flip short unless it hits .7145 and I want to put 5 1/2 micro lots on (5,500)

Do I simply put a stop/loss for 10 1/2 micro lots (10,500) so when it hits, my 5,500 short trade is placed?

Thanks for the help

Wreeves

Tham gia từ Apr 03, 2019 10bài viết

Apr 03, 2019 at 10:03

Tham gia từ Apr 03, 2019 10bài viết

Use a new Sell limit order AND a stop loss. The stop loss will close the Buy trade and the Sell Limit will open a new Sell trade

PPPStrategy

Tham gia từ Mar 11, 2019 6bài viết

Apr 04, 2019 at 06:02

Tham gia từ Mar 11, 2019 6bài viết

Why not hedge it? :D

Professional4X

Tham gia từ Jan 05, 2016 1097bài viết

Jun 02, 2019 at 03:51 (đã sửa Jun 02, 2019 at 03:58)

Tham gia từ Jan 05, 2016 1097bài viết

Redwingfan posted:
Here is an example of what I am trying to do

Lets say I am long 5 micro lots (5,000) on AUD/USD from .7045 and it has gone up to .7150 I want to flip short but I do not want to flip short unless it hits .7145 and I want to put 5 1/2 micro lots on (5,500)

Do I simply put a stop/loss for 10 1/2 micro lots (10,500) so when it hits, my 5,500 short trade is placed?

This would be simple to automate.

Just think of the exact steps you would do to complete the task manually.

Write those steps down, and then create a function that does exactly those steps.

It's basically, close the LONG AUD/USD 0.05 ticket when the ASK price falls to .7145,
then immediately open the SHORT AUD/USD 0.06, or wait until the BID price hits it and then trigger it.
It's up to you how you want to handle it.

This is trivial with a simple EA or other trading bot.

If it looks too good to be true, it's probably a scam! Let the buyer beware.

Professional4X

Tham gia từ Jan 05, 2016 1097bài viết

Jun 02, 2019 at 04:00 (đã sửa Jun 02, 2019 at 04:00)

Tham gia từ Jan 05, 2016 1097bài viết

PPPStrategy posted:
Why not hedge it? :D

Because hedging isn't permitted in the US where the original poster is located.

If it looks too good to be true, it's probably a scam! Let the buyer beware.

forex_trader_436974

Tham gia từ Jun 13, 2017 51bài viết

Jun 04, 2019 at 21:38

Tham gia từ Jun 13, 2017 51bài viết

Professional4X posted:
PPPStrategy posted:
Why not hedge it? :D

Because hedging isn't permitted in the US where the original poster is located.

C'mon Trump! If you're going to get rid of regulations, get rid of that one!

MaximePips

Tham gia từ May 28, 2019 9bài viết

Jun 07, 2019 at 10:12

Tham gia từ May 28, 2019 9bài viết

Use a strategy that doesn't require you to flip from short to long and vice versa

forex_trader_436974

Tham gia từ Jun 13, 2017 51bài viết

Jun 08, 2019 at 02:14

Tham gia từ Jun 13, 2017 51bài viết

MaximePips posted:
Use a strategy that doesn't require you to flip from short to long and vice versa

So when the market is going the wrong direction, you just sit and watch? Not a very good strategy in my opinion.

Professional4X

Tham gia từ Jan 05, 2016 1097bài viết

Jun 10, 2019 at 01:46

Tham gia từ Jan 05, 2016 1097bài viết

ForexScreamer posted:
MaximePips posted:
Use a strategy that doesn't require you to flip from short to long and vice versa

So when the market is going the wrong direction, you just sit and watch? Not a very good strategy in my opinion.

It could also be a situation where a trader opened a LONG ticket and then realized it should have been SHORT but they hit the wrong hot key by accident, and they need to reverse the trade real quick.

Small scripts like that are extremely useful to have in the trading toolbox.

If it looks too good to be true, it's probably a scam! Let the buyer beware.

EURUSD	1.13037	GBPUSD	1.32767	AUDUSD	0.64436
USDJPY	144.966	USDCAD	1.38103	USDCHF	0.8268

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